Axis Bank, India’s third largest private sector bank, has launched a new mobile app called Lime which integrates a mobile wallet, shopping, payments and banking.
The lender in a statement said that LIME will act as an independent app, empowering any person to open individual, shared mobile wallets and make seamless peer to peer as well as online, offline merchant payments.
The software application will also enable the users to compare and buy products and services.
LIME will also enable individuals to open a full-fledged savings account digitally, by completing the KYC process, using their mobile, the bank said.
Commenting on the launch, Axis Bank managing director and CEO Shikha Sharma said: "Customer preferences are changing rapidly and technology is transforming the way these preferences are being met. Our effort has been to constantly innovate through the use of smart technology to meet these evolving needs. LIME is the next big step in this journey."
Axis Bank head retail banking Rajiv Anand said: "Given the boom in smartphone ownership across India, people are interacting with their banks digitally. LIME is an integrated mobile app that offers high customer engagement through new digital and financial behaviours.
"It offers a connected suite of services designed specifically to address the users’ shopping, payment and banking needs. LIME will change the way people manage their money and set financial goals."